《Unpacking Wise: While others issue stablecoins, it’s building payment rails》（author Will A Wang）

Wise’s move onto Nasdaq hinges on a core shift in positioning and reclassification: from being “a remittance app” to directly integrating into the infrastructure of the U.S. dollar clearing system. It is driven by three major revenue streams: cross-border transfer fees, card and balance fees, and high-interest balance deposits; but the latter two are heavily affected by interest-rate fluctuations, leading to a clear compression in profits. Its strategy is to deepen its focus on the underlying payment network, expand through the Wise Platform in partnership with banks, and at the same time apply for an OCC narrow license and a Fed master account to gain its own U.S. dollar clearing capabilities—improving long-term resilience and bargaining power. Stablecoin transfers may boost efficiency, but they are still difficult to replace the on-the-ground local clearing networks.
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